Oil Extends Gains: Brent Above $103 as U.S.–Iran Talks Show No Concrete Progress

Brent crude futures rose 43 cents, or 0.4 percent, to $103.51 a barrel around 06:30 GMT, while U.S. crude WTI climbed 35 cents, or 0.4 percent, to $92.51 a barrel — after a jump of nearly 4% in the previous session, as diplomatic talks between the United States and Iran showed no concrete sign of progress.

“The physical oil market is far from being a fully normalized situation,” said Priyanka Sachdeva, head of market analysis at Phillip Nova. “Brent retains a larger geopolitical and shipping-lane premium because international oil is more directly exposed to disruptions in the Middle East and Hormuz, while WTI benefits more from relatively isolated U.S. supply,” she added.

The renewed rise in prices was reinforced by a statement from Iran’s security chief, Mohsen Rezaei, who said on Wednesday that the Strait of Hormuz would not reopen until Iran’s conditions are met — keeping alive the risk premium for the world’s most critical energy shipping route.

Iranian officials communicated with U.S. envoys at the UN General Assembly, but both sides signaled little progress toward ending the conflict. President Trump repeated threats of further escalation, while Iranian President Masoud Pezeshkian vowed that Iran would not surrender. Geopolitical tensions are keeping energy prices high.

Burimi: Al Jazeera — “Iran war live: Tehran says it won’t be ‘bullied’; remains open to talks”, September 24, 2026 · 24-ore.com